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Norway to Spend More Oil Wealth, Cut Taxes

Measures Intended to Counteract Slowdown in Economic Growth

OSLO—Norway’s right-wing minority government on Wednesday proposed cutting taxes and spending more “oil cash” from the country’s sovereign-wealth fund to counter a slowdown in economic growth.

The government said it would reduce taxes by 8.3 billion Norwegian kroner ($1.28 billion), including a reduction in the wealth tax to 0.75% from 1%. The tax would now only affect those with assets exceeding 1.2 million kroner, from 1 million...